GMAC

While judges were looking the other way, a new fad was apparently sweeping the mortgage lending industry: robo-signers. A robo-signer is a person whose job is to put their signature on an affidavit, regardless whether they know what they are signing or whether it is true.

Last week, GMAC basically stopped evicting homeowners and foreclosing homes in 23 states when it got caught filing affidavits without any personal knowledge. That’s good news, but here’s what rubs me the wrong way: debt buyers do the same thing, and nobody seems to care.